How do I calculate the rebuild cost of my home?

How much would it cost to rebuild your house? And why do you need to know? Our guide will give you the lowdown.

Chris King From the Home team
3
minute read
posted

How much will it cost to rebuild my home?

Your home’s rebuild cost will usually be lower than its market value. That’s because it only takes into account the cost of labour and materials to complete the rebuild – it doesn’t include the price of the land the building sits on.

To work out the rebuild cost of your home, you can use the rebuild cost calculator provided by The Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors (RICS).

Alternatively, we can help you calculate your house rebuild cost using the BCIS service when you compare buildings insurance.

You could also consult a professional surveyor or find an insurance provider that offers ‘blanket’ coverage of a set amount if you’re really unsure (£500k, £1m or sometimes unlimited).

How do I calculate the rebuild cost of my home?

What happens if I underestimate the rebuild value of my home?

If you underestimate the rebuild value of your home and it’s later destroyed, your insurance provider may not cover the full cost of the repair.

What happens if I overestimate the rebuild value of my home?

If you over-insure your home, you could end up paying a higher premium and wasting money.

What factors might affect the rebuild cost of my home?

If your home is made from non-standard materials – for example, the walls are made from timber or concrete, rather than brick – then your home is likely to be more complicated (and therefore more expensive) to rebuild.

Similarly, if your house has distinctive features like a thatched roof, or was built by a well-known architect, it will likely cost more to rebuild.

If this is the case, you might find you need specialist home insurance.

If you live in a listed building, this could also significantly increase the cost to rebuild your home. To find out if your home is listed or the grade it’s listed as, you should consult English Heritage, Historic Scotland, Cadw or the Northern Ireland Environment Agency.

What factors might affect the rebuild cost of my home?

What happens if I make changes to my home?

If you make changes to your home – by adding an extension, conservatory or a loft conversion, for example – the rebuild cost of your home will increase. So you’ll need to reassess your rebuild cost and tell your insurance provider.


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